KYC360 Weekly Roundup - 28th Jul 2023

Published on Jul 28, 2023

US House approves crypto bills

Welcome to this week’s KYC Roundup. In our anti-money laundering news this week, Germany launches its new AML super agency, the world’s largest law firm faces prosecution over alleged money laundering and the inaugural Pacific Anti-Corruption Regional Conference takes place in Fiji. There’s also concern about whether a knee-jerk reaction to the NatWest PEP scandal could do more harm than good in the fight against financial crime.

In ESG news, we look at the growing importance of sustainability on company agendas. The DCMS launches consultations into online advertising and the EU takes a closer look at Malta’s gambling bill. In crypto news, the US makes progress towards regulation and the FSB publishes its crypto regulation proposals.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, the latest news from the crypto and virtual assets sector and what’s new in gaming and gambling. We wrap up with Sanctions news and the EU publishing an update to its FAQs document and the Solicitors Regulation Authority publishing its AML/CFT and sanctions risk assessment document.


Financial_ServicesMoney Laundering, Fraud & Corruption

Will the NatWest PEP scandal harm efforts to stop financial crime?

In recent weeks, there’s been much said and written about banks closing the accounts of politically exposed persons (PEPs) and there is a concern that any knee-jerk reaction from politicians may harm the fight against financial crime.

Germany’s new €700m AML super agency

Germany has established its new AML agency the Federal Bureau of Financial Intelligence (FBFI). Based in Dresden and Cologne and staffed by 1700 officials. It has a budget of over €700m for the next 3 years to combat money laundering in the country.

World’s largest law firm to be prosecuted over alleged breaches of money laundering rules

The Solicitors Regulation Authority is to prosecute Dentons after they were found to have a case to answer over alleged money laundering failures while acting for a politically exposed person (PEP).

Fiji’s President calls on countries to share best practice in the fight against corruption

President Ratu Wiliame Katonivere has called on delegates at the inaugural Pacific Anti-Corruption Regional Conference being held yesterday and today in Fiji, to come together to fight corruption


RequirementsLegislation, Regulation and Sustainability

ESG remains a priority for companies

A couple of interesting blog posts on the growing importance of ESG on company agendas.


Gambling_GamingGaming and Gambling

DCMS launches consultation on new online advertising rules. Gaming industry watching carefully.

The Betting and Gaming council has reacted favourably to new online advertising proposals announced by the UK Government. These include tighter restrictions on social-media platforms for ads (including gambling ads) targeted at children.

EC to look at Malta gaming bill

We reported recently on the Malta’s new gaming bill (Bill 55) and how it might cause the EU some concern. The European Commissioner for Justice has now said the European Commission will examine the legislation in more detail.


Crypto-1Crypto & Virtual Assets

US House Financial Services Committee approves bi-partisan crypto regulatory framework bills

The Blockchain Regulatory Certainty Act and the ‘Financial Innovation and Technology for the 21st Century Act are seen as an important advancement for US crypto regulation.

Financial Stability Board (FSB) publishes recommendations for crypto regulation

The international body that monitors and makes recommendations about the global financial system, the FSB, has published its final set of recommendations for regulating crypto assets and related services.



UK Solicitors Regulation Authority publishes AML/CFT and sanctions risk assessment document

The SRA’s new document highlights sanctions risk factors and ownership and control issues requiring attention. It suggests firms carry out assessments to their exposure to the risk of proliferation financing, including awareness of British nationals subject to sanctions – not just from Russia.

EU updates FAQs on Russia Sanctions

The EU has updated its Russia sanctions FAQs document on access to EU ports, the oil price cap, asset freezes and the provision of services.


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